Retailers welcome long-awaited interest rate cut

The Australian Retailers Association (ARA) has welcomed The Reserve Bank of Australia’s (RBA) decision to cut interest rates by 25 basis points to an historic low of 2.0 percent today.

Executive Director Russell Zimmerman said today’s decision will help to provide Australian businesses with much needed relief and is a step toward building higher levels of business and consumer confidence.

“While a reduction in rates is always welcomed, this alone is not enough to stimulate business and jobs growth. Retailers are now looking ahead to the Federal Budget to ensure small business tax cuts are being delivered in order to boost their bottom lines.

“Low interest rates are acting to support borrowing and spending and today’s rate cut is certainly a positive step, however, business growth must still be supported with a solid plan in the upcoming Federal Budget,” Mr Zimmerman said.

-ends-

For interview opportunities with ARA Executive Director Russell Zimmerman call: The ARA Media Line T: 0439 612 556  E: media@retail.org.au

SHARE THIS ARTICLE

FURTHER READING

Retail Voice CEO Message: 29 March 2023

With the New South Wales state election complete, we now have a Labor government in place in every state except Tasmania and an 18 month window without any elections occurring.  
 
This provides a period where we may see significant reform and potentially for national alignment in key policy areas across Australia.  

The rich tapestry of neurodiversity

There is a slow shift towards incorporating design aspects that create more inclusive shopping experiences for customers of all neurotypes. Retailers willing to explore this hidden customer segment can deliver a more easy, engaging and inclusive experience both in-store and online.

Retail Voice CEO Message: 15 March 2023

Retail crime continues to be a concern with many businesses recording an increase in shoplifting. 
 
In the latest Bureau of Crime Statistics and Research data coming out of New South Wales, retail theft increased 23.7% year-on-year.